The proposed operation consists of an equity participation of up to USD 10m in a USD 50m target venture capital fund managed by Gemini Capital Partners. The Fund will invest in Liberia and Sierra Leone.
The proposed operation concerns a participation in Gemini Fund L.P., a closed-end venture capital fund with a target size of USD 50m. The fund will be set up to make privately-negotiated equity investments to support local start-ups (small and medium-sized enterprises - SMEs) in Sierra Leone and Liberia. The Fund will pursue a multi-sector strategy, investing in and developing companies that address existing and yet unmet demands for products and services in both countries. The Fund will not only concentrate on pursuing financial returns, but also aim to make socially and environmentally-responsible investments, contributing to positive economic and social impacts. The Fund Manager will make all reasonable efforts in order to generate jobs, reduce poverty and inequalities through worker and community empowerment and economic development, all in line with the Sustainable Development Goals.
The fund will have to operate in line with the EIB's environmental and social standards
In terms of EIB procurement rules, the Fund is considered to be in the private sector. The Bank will assess whether projects where the Fund participates apply competitive tender principles and good criteria of economy/efficiency and that the main contracts have not been and/or will not be negotiated with discrimination based on the country of origin.
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